Specialist healthcare accounting for doctors, nurses, dentists and other health-related disciplines can help those working in the sector to understand their ‘actual’ and ‘real’ incomes, as defined by the government.
In new figures from the Office for National Statistics, ‘real’ household income per head reached £4,510 in Q2 2012, up by £69 over the previous quarter – a rise of 1.6%.
However, ‘actual’ income rose by only £64 over the same period, to reach £3,717, an increase of 1.8%.
The £5 discrepancy between the two figures can be accounted for by the perceived value to UK households of the income received by the government in the healthcare and education sectors.
When it comes to accounting for doctors, nurses and other medical professionals, understanding the difference between the definitions of ‘actual’ and ‘real’ income can help individuals to recognise not only their own financial standing, but also their contribution in real terms to the economy.
Our specialist healthcare accounting services can help you to get your finances in order, whichever discipline you are engaged in, to make the most of any further increase in incomes in future quarters.